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HYG

iShares iBoxx High Yield Corporate Bond ETFClose $79.84EOD only

Max Pain

$80.00

Next expiry Jun 5, 2026

Expected Move

±$0.29

0.4% from close

Price Gap

+0.16

Distance to max pain

IV Rank

Low premium

P/C OI

3.85

Slightly put-heavy

Consensus

9.0/10

Bearish tilt

Published snapshot: Jun 1, 2026 close

End-of-day snapshot

This page reflects HYG options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

Jun 1, 2026 close

HYG Flow Report

Analysis based on market close April 17, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

You are viewing an older report from April 17, 2026. A newer flow report is available for May 26, 2026.

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Flow Verdict

Confidence:

7 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 spot 0.8% from MP; +1 VIX 17

Watch next session: Spot vs MP and moves toward/above 79–84 strikes; Changes in put OI around 75–70 Sep cluster; New large call prints or reversal in net premium; VIX and volume spikes

Flow Summary

Net premium: -$27.4M bearish

P/C volume ratio: 3.12

P/C OI ratio: 4.82

Pinned gamma with dominant bearish directional flow: heavy short-dated and long-dated put accumulation concentrated near 75–70 strikes, high PCR/PC OI, negative premium—watch for MP breach or call buying to invalidate.

Notable Prints

HYG 2026-09-18 $70.00 Put

Vol: 40,001

OI: 431

Vol/OI: 92.8x

IV: 28.6%

Notional: ~$1.4M

Intent: Deep protection or speculative tail put buy

Dual read: Cheap long-tail gamma vs large sell-to-open

Read-through: High vol/oi indicates one-off block; tail risk focus

HYG 2026-05-01 $80.00 Put

Vol: 7,012

OI: 516

Vol/OI: 13.6x

IV: 11.9%

Notional: ~$112K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

HYG 2026-07-17 $79.00 Call

Vol: 2,227

OI: 731

Vol/OI: 3.0x

IV: 8.0%

Notional: ~$220K

Intent: Call buying or hedged short exposure

Dual read: Rotation into calls vs hedged reversal trades

Read-through: Notable call demand but smaller than put flow

HYG 2026-09-18 $75.00 Put

Vol: 80,054

OI: 35,599

Vol/OI: 2.2x

IV: 21.0%

Notional: ~$4.6M

Intent: Large institutional downside hedge or block long puts

Dual read: Sell-side liquidity provision vs directional buy

Read-through: Concentrated puts near gamma flip; amplifies pinning/bearish flow

HYG 2026-11-20 $82.00 Put

Vol: 396

OI: 180

Vol/OI: 2.2x

IV: 19.4%

Notional: ~$164K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Some call buying (notable 79 Jul OI) but modest relative to puts

Put additions: Large put accumulation around 75 Sep (35.6k OI) and 80–84 series into later expiries — consistent with protective hedges or collar structures; directional shorts also possible but not confirmed

GEX/DEX consistency: Mixed: market GEX is strongly positive (dampens realized vol/downside pinning), while DEX shows net buy interest—this counteracts but does not eliminate downside pressure from put concentration, raising uncertainty

OI clusters: OI concentrated in 75–84 strikes (peak 75 Sep); estimated gamma flip near ~79 from put cluster

Hedging evidence: Structure and tenor of puts imply institutions are layering protective hedges/collars rather than unambiguously naked bearish exposure

Max pain context: Spot near calculated max pain; put cluster suggests pinning risk into mid‑70s–low‑80s but positive GEX makes the path to pinning less certain

Signal vs Noise

~Signal: Very large 75 Sep put OI (35.6k) indicates institutional protective hedging or directional bearish conviction as one hypothesis

~Signal: High put/call OI ratio and negative net premium support skewed demand for downside protection

~Noise: 70 Sep sweep had big volume but low lasting OI—likely a trade/sweep, not a sustained position

~Noise: 79 Jul call activity is small vs put book and may be hedging or yield enhancement

Key Conclusions

⚠️Institutions appear to favor protective hedges/collars concentrated around 75–84; directional bearishness is a plausible but unconfirmed interpretation

🔁Large positive GEX can blunt downward moves and increases uncertainty about pinning despite heavy put OI—expect mixed dynamics

How to Use These Reports

This flow reflects the market close on April 17, 2026.

What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.